Question: Hello, Could somebody please explain me the FIFO calculation, and why my answer is incorrect? Thanks, A company had the following purchases and sales during

Hello,

Could somebody please explain me the FIFO calculation, and why my answer is incorrect?

Thanks,

Hello, Could somebody please explain me the FIFO calculation, and why my

A company had the following purchases and sales during its rst year of operations: Purchases sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 3 units Novaliber: 10 units at $140 13 units On December 31, there were 26 units remaining In ending Inventoryt Using the per/edit FIFO inventory costing method. what is the cost of the ending inventory? (Assume all sales were made on the last day of the month) Multiple Choice 0 $3,405. $3.200. $3,445. $3.540, 33.270. 00.0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Cards are drawn from a standard 52- card deck until the third club is drawn. After each card is drawn, it is put back in the deck and the cards are reshuffled so that each card drawn is independent...

Hello, Could somebody please explain me the FIFO calculation, and why my answer is incorrect? Thanks, A company had the following purchases and sales during its ?rst year of operations: Purchases...

hello! could somebody please help me understand these questions for my finance class? thank you! (i will like to see the reasoning for the answer, thanks!) DETERMINING WHICH COVENANTS TO USE The...

You will write a thorough analysis of Verizon Communications Inc. (VZ)'sannual report. The report should contain professional terminology as well as proper grammar and spelling. Please don't CUT and...

You will write a thorough analysis of a company's annual report. The report should contain professional terminology as well as proper grammar and spelling. Please don't CUT and PASTE from web sites...

Hello, I am having trouble with this budgeting assignment and I would appreciate any help. I have a general understanding of the content but some explanations surround the different aspects of each...

Based on the table on page 6, if you were managing Bakersfield office and had to guarantee a response time (throughput time) with the current operations, what would be your choice of guaranteed...

hi i need help with this accounting data entry thanks Exercise 5-5 Presented below are transactions related to Bogner Company. 1 . 2 . 3 . On December 3, Bogner Company sold $616,900 of merchandise...

Hello, Please could you help me with this question and also with my homework? Thanks in advance. The first question is below and the homework is attached (uploaded). Warble Inc. extended a one-year...

1)Financial Reporting - The Procter & Gamble The financial statements of P&G are presented in Appendix B. The companys complete annual report, including the notes to the financial statements, can be...

Please respond to discussion board 4 & 5 question that is shown after the discussion board rubric/requirements. Please do not copy/paste from sources. Write in own words and cite where it came from....

Find the present value (PV) of $7,000 to be received one year from now assuming a 3 percent annual discount interest rate. Also calculate the PV if the $7,000 is received after two years.

1. Create a stored procedure that takes a countrys name as the input parameter and outputs the details of customers in it (customer_id, first_name, last_name). 2. Create a stored procedure that takes...

What is the primary benefit of diversification in an investment portfolio? Group of answer choices It eliminates the need for monitoring the portfolio It reduces the overall risk by spreading...

In a 2015 study by Nanney et al. and published in the Journal of American College Health, a random sample of community college students was asked whether they ate breakfast 3 or more times weekly....

The system of the previous problem is rearranged as shown. For what constant force P will the 0.8-kg collar just reach position B with no speed after beginning from rest at position A? Friction is...

A 0.25-kg particle is moving with a velocity v 1 = 2i + j k m/s at time t 1 = 2 s. If the single force F = (4 + 2t)i + (t 2 2)j + 5k N acts on the particle, determine its velocity v 2 at time t 2 =...

Select one of the two choices to complete the following sentence, and then explain your choice: The absence of certainty about the health effects of an environmental pollutant (is/is not) synonymous...

Use the inequality of Clausius to show that heat transfer from a warm space toward a colder space without work is a possible process, i.e., a heat engine with no work output.

Which of the following is an ethical statement? It is wrong to be selfish. This tent is large enough for six people. Red is one of the primary colors. Cambodia is an Asian country You seem to smile a...

A greater tendency to create winwin situations.

Improving creative problem-solving ability.

1. Discuss the following statements: (a) A circle becomes a straight line when viewed on a very small scale. (b) Breaking patterns creates change.